There is a possibility that the slabs for personal income tax may be increased. The current slab of Rs.1.6 lakhs for taxable income may be increase to Rs.2.5 lakhs for men. There will be suitable increments to women and senior citizens. Income above this slab is taxed at 10% till the next slab.
More than 25% of the fruits and vegetables grown in India are wasted before they reach the consumers. This is one of the reasons for the high inflation related to foods items. Currently the food processing industry has a high excise duty for branded products. This prevents many users from being able to afford the… Read More »
The most consistent tax payers in India are the salaried class as their salaries are subject to TDS. Last year’s budget gave only a marginal relief to the salaried class with just a Rs.10,000 hike in the limit for taxable income. Since last year the salaried are pushing for a significant jump in the taxable… Read More »
Now there is talk of recession being over, markets being revived and the in general people out of their cautious cocoons where they were waiting and watching before grabbing the loans at attractive interest rates. For the past few months every bank has been vying with each other to provide competitive interest rates that will… Read More »
No special permission is required for an Indian citizen residing outside India to acquire (by purchase or gift) any immovable property in India other than agricultural land, plantation property or a farmhouse. Therefore, Mr. Sethi can buy a house in India as easily as any resident Indian.
Over the years the tax rates have been mostly reduced with the intention of making them more rational and in tune with the international practices. It has reached a stage where any further reduction is not logically possible. At the same time the government has to think of ways of increasing its income. Hence, the… Read More »
Source based taxation is a process in which the income tax is calculated on the basis of the source of income whereas residence based taxation calculates income on the basis that individuals are taxable in the country or tax jurisdiction in which they are residing.
The new code suggests a rate of 0.25% of the value of gross assets for Banking companies and 2 percent for all other companies. A very striking aspect of the new code’s suggestions is that the MTA will be a final tax and it will not be allowed to be carried forward for tax credit… Read More »
As much as the government’s expenditure is – looks like a simple answer. But the problem is that, the citizens (we) may not be ready to pay if the tax rate is very high. A major grey market (unaccounted money), may be created if the citizens do not want to pay taxes. The solution is… Read More »
Also since the tax can be paid in one shot at the time of tax returns filing, the business persons get to keep the tax amount with them-selves. Thus reducing the pressure on the working capital which is the life line of any business and more so for SMB’s. Compare that with the sales tax… Read More »